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US Markets Claw Back Gains, But 'Chop' Ahead

New York Stock Exchange traders are wondering which way a volatile financial market will move in the upcoming months.

Low oil prices combined with less demand around the world have weakened American stock prices.

By the close of trading last week, the Standard and Poor's 500 was down more than 6 percent this year. But the S&P 500 Index rose 2.8 percent on Friday to rebound from a New Year's slump.

On Monday, the S&P 500 was up 27 points to close at 1,945. The Dow Jones Average, the main measure of major American stocks, rose 228 points to close at 16,620.

Wall Street traders and analysts are looking at factors that would keep the market in the positive. But for now, Wall Street watchers expect extreme ups and downs.

The term “choppy trade” is used often now on Wall Street. A choppy market occurs when prices swing up and down with no major price movement in either direction.

NYSE’s Peter Costa said: “I think there is more volatility in these markets. What you may see is choppy trade with 200- to 300-point swings in the Dow, and 40 in the S&P 500 … for at least the next couple months.”

This week is an important one for the market. Financial reports on consumer spending should be released by Target, Macy’s, Home Depot and Lowe’s. The Consumer Confidence report is set to be released Tuesday.